Overview
- ISM’s services PMI rose to 52.4 in October, an eight‑month high, with new orders at 56.2 and prices paid up to 70.0.
- The services employment index stayed below 50 at 48.2 for a fifth month, and regional Fed reports point to near‑flat hiring despite firmer orders.
- ADP reported private payrolls increased by 42,000, offering a modest counterpoint to soft employment readings in diffusion surveys.
- The government data blackout continues, with the CBO estimating the shutdown could subtract 1.0–2.0 percentage points from fourth‑quarter GDP.
- Supreme Court justices questioned the legal basis for President Trump’s broad tariffs, with a decision expected next year, as risk sentiment improved and traders reduced the odds of a December Fed rate cut.